- Loss (e.g. an item is left somewhere by accident)
- Theft (e.g. an item is stolen from the policyholder's house or another place)
- Damage (e.g. an item is dropped and gets chipped in the fall)
Jewelry’s small size and high value make it a favorite target of thieves, and its fragile nature leaves pieces susceptible to unintended damage. Jewelry insurance may offer Massachusetts residents an affordable way to protect their jewelry pieces from certain covered risks like these
Jewelry insurance is a specialized kind of personal insurance that’s uniquely designed to protect jewelry pieces. Unlike some broader personal policies, jewelry policies usually don’t provide coverage for other, non-jewelry items.
Many Massachusetts residents who have pricey jewelry could benefit from the protections that a jewelry policy affords. While an inexpensive set of earrings or necklace might not require a specialized insurance policy, any single item of substantial value might justify purchasing a jewelry policy.
Moreover, many residents are surprised at how much their total jewelry collection is worth once they start adding up the cumulative value of their pieces. Engagement and wedding pieces naturally can be expensive to replace, and then a collection’s value only grows as heirloom jewelry and pieces given for special occasions are taken into account.
Fairly often, the total value of a person’s jewelry collection justifies an insurance policy if they have more than a few common pieces.
Most homeowners and renters insurance policies include some coverage for jewelry, but this coverage can be limited. Jewelry-specific limits within these policies tend to be much lower than the policies’ aggregate limit for personal possessions, and it’s not uncommon for jewelry-specific limits to be lower than a jewelry collection’s worth. Occasionally, a policy’s jewelry limit might even be lower than the value of a single piece or set.
Additionally, homeowners and renters policies might only cover certain potential risks. Even if a policy has an option to increase its jewelry-specific limit, there may not be a way to get additional perils covered through the policy.
A jewelry policy may help fill in these gaps. Compared to many homeowners and renters policies, a jewelry-specific policy might offer higher limits and protection against more perils.
Like any insurance policy, the exact risks that a particular jewelry policy protects against are determined by that policies’ terms, conditions and exclusions. Depend on a policy’s terms, it might cover perils like the following:
Coverage for loss, damage and disappearance are some of the protections that homeowners and renters policies don’t normally afford. Some homeowners and renters policies also only cover theft when a piece is at the policyholder’s residence.
Jewelry policies typically can be adapted to cover an array of pieces. For example, a policy might protect:
An insurance agent who specializes in this type of insurance can help residents determine exactly what pieces a particular policy will cover.
If a policyholder has a covered damage claim and needs their jewelry repaired, what jewelers can perform the work will be determined by the jewelry policy. Some policies require that only certain jewelers perform covered repairs, while other policies let policyholders take pieces to any jewelry they’d like to.
For help insuring jewelry, contact the independent insurance agents at The Feingold Companies. Our Massachusetts agents are able to help you request quotes for jewelry insurance policies from multiple insurers, and they have the expertise necessary to help you select the best available policy.